The capital structure has deteriorated significantly, with total assets plummeting to $8.5M and equity falling to $6.6M as of 2026Q2, reflecting a severe erosion of shareholder value.
| Total Current Assets | 288.43K | 1.24M | 1.2M | 52.55K | 2.76K |
| Cash & Short-Term Investments | - | - | - | - | - |
| Cash Only | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - |
| Inventory | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 283.8K | 787.37K | 0 | 0 | 0 |
| Total Non-Current Assets | 8.19M | 15.89M | 118.6M | 0 | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 15.89M | 15.89M | 118.6M | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - |
| Total Assets | 8.48M | 17.13M | 119.8M | 52.55K | 2.76K |
| Asset Turnover | 0.00x | - | - | - | - |
| Asset Growth % | -261.93% | -85.7% | 227861.08% | 1804.09% | - |
| Total Current Liabilities | 1.84M | 1.83M | 722.23K | 57.99K | 1.35K |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - |
| Other Current Liabilities | 1.84M | 1.14M | 71.72K | 0 | 0 |
| Current Ratio | 0.16x | 0.68x | 1.66x | 0.91x | 2.04x |
| Quick Ratio | 0.16x | 0.68x | 1.66x | 0.91x | 2.04x |
| Cash Conversion Cycle | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 117.97M | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - |
| Total Liabilities | 1.84M | 1.83M | 722.23K | 57.99K | 1.35K |
| Total Debt | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -4.63K | -428.7K | -822.8K | -52.55K | -2.76K |
| Debt / Equity | 0.00x | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - |
| Net Debt / EBITDA | 0.06x | - | - | - | - |
| Interest Coverage | - | - | - | - | - |
| Total Equity | 6.64M | 15.3M | 119.08M | -5.43K | 1.41K |
| Equity Growth % | -265.91% | -87.15% | 2191453.66% | -485.39% | - |
| Book Value per Share | 4.60 | 1.36 | 7.56 | -0.00 | 0.00 |
| Total Shareholders' Equity | 6.64M | 15.3M | 119.08M | -5.43K | 1.41K |
| Common Stock | 8.33M | 15.98M | 117.97M | 324 | 324 |
| Retained Earnings | -1.69M | -681.75K | 1.11M | -8.43K | -1.59K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Imminent Liquidation and Insolvency
As reported in recent financial statements, IBAC's total assets have plummeted from $122.2M in 2025Q3 to just $8.5M by 2026Q2, signaling a severe contraction in the entity's capital base as the search period for a viable business combination nears its likely expiration.
The precipitous decline in asset value suggests that the company is either returning capital to shareholders or failing to maintain the trust account levels necessary for a viable merger. This trajectory implies that the entity's ability to execute a meaningful acquisition is rapidly diminishing, leaving investors with limited upside potential.
Based on the latest quarterly filings, IBAC's cash position has dwindled to a mere $4.6K as of 2026Q2, a stark decline from the $822.8K reported in 2024Q4, which indicates that the company is facing an acute liquidity crisis that threatens its ongoing administrative viability.
The current ratio of 0.16 confirms that the company lacks the necessary liquid assets to cover its immediate short-term obligations. This suggests that management may be forced to rely on external sponsor support or face an accelerated liquidation process if additional capital is not secured immediately.
According to the balance sheet data, equity has eroded from a peak of $121.6M in 2025Q3 to $6.6M in 2026Q2, reflecting a significant deterioration in shareholder value as the company consumes its remaining resources without achieving a successful business combination.
The consistent accumulation of negative retained earnings, now totaling -$1.7M, underscores the lack of operational progress and the ongoing drain of professional fees. Investors should monitor whether this equity base can support any remaining search activities or if it will be entirely exhausted by administrative costs.
As indicated by the provided financial data, the near-total absence of tangible assets beyond minimal cash reserves suggests that IBAC's balance sheet is essentially a shell, with no underlying operational value to protect shareholders against the risk of a failed merger or forced liquidation.
The lack of PPE or other productive assets means that the company's entire value proposition is tied to the trust account, which appears to be rapidly depleting. This structure implies that the headline asset figures may be misleading, as they do not represent a sustainable business model but rather a temporary pool of capital subject to high redemption risk.
Quick answers to the most common questions about buying IBAC stock.
As of 2025, IB Acquisition Corp. Common Stock (IBAC) had total assets of $17.1M including $1.2M in current assets.
IB Acquisition Corp. Common Stock (IBAC) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
IB Acquisition Corp. Common Stock (IBAC) has total shareholders' equity (book value) of $15.3M ($1.36 book value per share). Book value represents the net worth of the company belonging to common stock holders.
IB Acquisition Corp. Common Stock (IBAC) reported a current ratio of 0.68x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.